Trust or Will: which one should I use to handle my Fort Myers Estate?
Wills, Trusts and Your Ft. Meyers Estate
Wills are legal documents providing instructions for apportioning assets of someone who has passed away. Wills also allow the testator (creator of the will) to choose an executor they trust to manage distribution of their assets. In addition, executors can name guardians to raise their children if they pass away while the children are still minors. It is relatively inexpensive to set up a will but following an executor’s death, wills must be processed through probate court before heirs receive bequests.
Trusts
Living trusts are legal relationships involving a trustee who holds specific properties (money, stocks, real estate, antiques) for a beneficiary. The trustor (individual setting up the trust) may be designated as a trustee until their death. At that time, a trustee successor will take over. Additional property can be placed in a trust at any time by a living trustor. Although trusts are more expensive and complicated to establish than wills, trusts do not require the probate process, remain private and are not part of a public record. However, trusts do not allow you to appoint a guardian for minor children in the event of your death.
Questions to Consider
Do you own multiple pieces of real property? A living trust is applicable to your situation since having more than one type of property complicates the process of going through probate.
Do you have children under 18 or disabled children? You could set up both a will and trust to ensure individuals you trust will be legal caretakers of your children if you pass away.
Do you know if your estate will be subject to taxes? Estates valued at certain amounts (this amount changes every year) will be mandated to pay federal and potentially state taxes. Placing assets in living trusts will not protect estates from paying state/federal taxes. However, your estate planning attorney can recommend tax planning provisions that could help reduce the amount.
Contact the Mattar Firm today for professional assistance regarding your Fort Myers estate planning goals today.